Public interest in hospital prices has never been higher than it is today. Government and commercial payers are publishing data to inform consumers about the most effective and cost-efficient providers of healthcare services. Informed consumers are empowered to choose a healthcare provider who delivers the highest-quality treatment at the most appropriate price. Providers who are able to strike the best balance among market prices, cost and reimbursement will stand out in the crowd of competitors. Pricing transparency will become a strategic advantage.
Establishing the optimum price is as much an art as a science, requiring experience and know-how to balance competing inputs effectively. Protiviti has been helping leading organizations with pricing decisions for years. Our approach properly considers and balances market price, rates and reimbursement to determine the optimum price for your services.
We start with your current price and utilization data and compare you to your choice of market competitors. Then, we factor in your cost to provide services along with third-party reimbursement rates. We transform data into information that allows you to make the final decision on the appropriate price for your services. Once implemented, your prices will reflect the market-appropriate rate for services that is in line with your costs and that will capture the reimbursement due. Your effectiveness and efficiency will be seen clearly in the market.
Protiviti’s pricing services help organizations establish a rate structure that strikes the best balance among market prices, costs and reimbursement. As a result, providers benefit from market-appropriate prices, enhanced profitability and improved patient satisfaction. A successful implementation will increase pricing awareness among departments and standardize the pricing process, helping you achieve your pricing objectives.
- Prices are defensible in the market and transparency becomes a strategic advantage.
- Patient satisfaction improves with market-appropriate prices.
- Stakeholders are included in the price-setting process.
- Pricing policies and procedures control risks and improve standardization.
- New pricing or charging methodologies are implemented effectively.
- Substantially below-market prices are identified.
If you would like to learn more about our Revenue Risk Solutions or contact one of our practice leaders, please visit www.protiviti.com/healthcare or call 866.721.8340.